Revenues Total $20,200, Expenses Total $17,300, and the Owner's Withdrawals

question 116

Multiple Choice

Revenues total $20,200, expenses total $17,300, and the owner's withdrawals account has a balance of $2,600. What is the balance in the income summary account after all closing entries are completed?

• A)$2,600 credit
• B)$2,900 debit
• C)$2,900 credit
• D)$0

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Definitions:

Bankruptcy Cases

Legal proceedings involving individuals or businesses that are unable to repay their outstanding debts, seeking relief through the court.

Federal Criminal Prosecutions

Federal criminal prosecutions involve the government bringing charges against individuals or entities for actions deemed to violate federal criminal laws.

Federal Court System

The system of courts organized under the U.S. Constitution and laws of the federal government, dealing with legal disputes that involve federal laws, conflicts between states, or with other specific cases.

Default Judgment

Judgment for the plaintiff that occurs when the defendant fails to respond to the complaint.